Padua Wealth Data’s latest analysis shows a net loss of 15 advisers from the Financial Adviser Register (FAR), bringing the total down to 15,120 for the week ending 11 June.
Coupled with the net 35 loss last week, the FAR is already down by 50 since the start of June.
The final month of the financial typically sees higher exits as advisers jump off the FAR ahead of the 1 July census date for the ASIC levy.
Even so, the profession is already running ahead of last year which had seen net losses of just 17 over the first two weeks of June, with the overall loss for that month landing at 114.
Unlike FY25 – which ended at a net gain of 143, despite the losses – this financial year is already in the red, down 49 for the financial year-to-date (YTD). The calendar YTD is looking more positive though, sitting at a net gain of 66.
Despite the grim picture that is FAR at the moment, Wealth Data founder Colin Williams suggested there might still be some hope for the profession.
Williams said: “We do expect some of the losses to turn into gains as some of the advisers appear to be in transition to alternate licensees.”
Looking at the broader industry, two new entrants joined the profession this week and 57 advisers were active in appointments and resignation.
For licensees, Noble Rock Partners was the only AFSL to close up shop this week after being reduced to zero advisers, while one new AFSL commenced with three advisers from Beryllium Advisers.
Gill and Co Advisory picked up two advisers from Sequoia’s InterPrac this week which Williams said makes it the “fastest-growing licensee owner for 2026” so far after a net of 17 for the calendar YTD, most of which have been from InterPrac.
A tail of 16 licensees were up by net one adviser each, including Findex Group, AvalonFS, Stanford Brown Group, Industry Super Holdings and GPG with the latter two taking on one new entrant each.
At the other end of the spectrum, Macquarie Group saw the greatest losses this week after four advisers left, none of which have yet been reappointed.
Sharing that top spot was Sequoia Group with all four advisers leaving from InterPrac, two of which moved to Gill and Co while the other pair are yet to be appointed elsewhere.
Beryllium Advisers and Rhombus Enterprises were both down by net three advisers each and Centrepoint Group was down by net two.
A tail of 23 licensees were down by net one adviser each, including Infocus Group, Lifespan and Mercer.
